Gold miners including Randgold Resources Ltd. (RRS) may advance as brokerages from Bank of America Corp. to Deutsche Bank AG forecast record prices for the precious metal by next year. Glencore International Plc and Xstrata Plc (XTA) may move as a deadline neared on the takeover bid by the former. Devgen NV may be active after Syngenta AG made a cash offer.
Futures on the Euro Stoxx 50 Index, a benchmark for the euro region, gained 0.7 percent to 2,568 at 7:15 a.m. in London. Futures on the U.K.’s FTSE 100 Index (UKX) expiring this month rose 0.5 percent. Contracts on the Standard & Poor’s 500 Index climbed 0.3 percent, while the MSCI Asia Pacific Index added 0.7 percent.
“Spain is once more at the epicenter as markets continue to speculate on the timing of a rescue plan for the Spanish sovereign,” said Michael Hewson, a senior market analyst at CMC Markets U.K. Plc in London. “There was some good news yesterday with Spain successfully raising 4.8 billion euros on the debt markets at lower yields and better bid to covers.”
Spanish Economy Minister Luis de Guindos is in talks with European Commission authorities to facilitate a new bailout program that will be presented Sept. 27, the Financial Times reported, citing unidentified officials involved in the discussions. The plan will focus on structural measures sought by the European Union, not new taxes or spending cuts, the FT said.
Gold Price
Randgold Resources and African Barrick Gold Plc may pace gains among mining stocks. Fifteen of 29 analysts surveyed by Bloomberg said they expect gold prices to rise next week. Seven were neutral and the rest were bearish.
Glencore and Xstrata may move after the companies’ boards met separately yesterday as a deadline loomed for Glencore’s 21.9 billion-pound ($35.5 billion) takeover bid, a person familiar with the matter said.
The Zug, Switzerland- based mining company is due to respond to Glencore’s revised proposal, the largest this year, by 7 a.m. on Sept. 24.
Cie. Financiere Richemont SA may move after the company said in a statement it will buy Peter Millar LLC, a U.S. luxury apparel business, in a transaction that will be completed next month. The deal will have no material impact on consolidated net assets or operating earnings for 2013, the company said.
Devgen (DEVG) may be active after Syngenta offered to buy the company for 16 euros per share, a premium of 70 percent to yesterday’s closing price of 9.43 euros.
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